Theft definitionQuestion What is a definition of theft, for insurance purposes?
Answer The taking of property must constitute a theft under the law in your state. Generally, theft involves taking or removing property with the intent to deprive the owner of its use. Typically, this includes robbery, larceny and embezzlement.
If you lose or misplace property, you cannot claim a theft loss unless you can show that the disappearance of the property was due to an accidental loss that was sudden, unexpected, or unusual.
Brain Trust contributor:
Author of J.K. Lasser's Small Business Taxes 2007
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